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tv   Varney Company  FOX Business  March 15, 2023 11:00am-12:00pm EDT

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i don't think anything we can do can stop it. >> powell has to push it while he can't because we can't break inflation if you run the risk of renting an entire society. >> this is a repeat of 2008, 2009. as an earnings problem for the banks. >> big banks are too big to fail. it's an area we are keep accumulating, it's an opportunity on the downside but everything we are buying is short-term. ♪ ♪ stuart: 11:00 on the east coast, it's wednesday march 15, look at the markets. you're not going to like it, red ink across the board. dow industrial done by 50, 1.7% and nasdaq composite down just over 1% at this time.
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look at the ten year treasury, this is what's called a flight to safety. heart money looking for safety, piles into treasuries because they are safe, the price goes up and healed comes down. have you look at that? yield down to 3.42%. the only bright spot is mortgage rates will probably come down in the immediate future. regional banks, look at them go down again. most of them, not all but some, question alliance bounced back nicely and so has zions bancorp. if you look at the big european banks, that's where you got the banking crisis returning. credit suisse down 16%, it had been done more. the european banks are sharply lower. let's bring in mark tepper, he's with me this morning. i think there is a banking crisis is returned to the debtor states following the letter from larry fink talking about
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inflation. >> i think one of the biggest issues with the banking sector is you look at the smaller regional banks, maturity bonds aside, the real issue is commercial real estate loans. when you look at commercial real estate loans, most are variable rates, we are talking office space, class b, class c, that's what i am foreseeing a lot of issues. a lot of those are variable rate mortgages and you will have to walk in and refinance at a higher rate. you are going to do that at the time for class b office space and cross see office space is probably not appraising for as much anymore because you have high vacancy rates. i am concerned about the smaller regional banks because they have a greater percentage of their assets made up of those commercial real estate loans, roughly 30% versus 5% for j.p. morgan. stuart: would you say we are anywhere near this moment? >> i don't think so. when you look at specifically
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silicon valley bank, that was moral hazard at its finest. actually the end of 2021, they had $10 billion of interest rate hedges on their balance sheet and at the end of 2022 for took almost all of them off, they knowingly and willingly unhedged themselves so i don't know why you would do that if you were a good risk manager, i think there was read at play. stuart: what's the federal reserve going to do? who got ongoing banking jitters as opposed to a crisis, we also have inflation at the producer lever using somewhat. the prices went down in february, what does the fed do next week? >> i feel if the fed doesn't hike 25 basis points, he will have more banking jitters, what kind of a message optically does that send to investors? sends the message that our banking system unstable. we got big problems so i think the fed has to remain committed
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to fighting inflation, they are not going to do this is 50 basis points we were expecting a week or two ago, they will move forward with 25 basis points. but i don't think is the markets pricing in right now which is for cuts by year end, i do not foresee that happening at all. stuart: wishful thinking, seems like it at least. mark, stay there, your with me for the hour. looking at the movers and i'm seeing nearly 9%. >> your biggest decline on the s&p 500, tracking oil prices sharply lower, i do want to say new york manufacturing index number contracted nearly 25%. new orders fell 21%, 9:00 our talking hard landing, economic slowdown would impact oil. stuart: how about retail sales? >> they went negative, to so
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consumers are a little nervous and starting to pull back. stuart: steel dynamics, is not come across them before but they are way down 11%, who are they? >> steel producer and they expect profits to fall sharply from last year. leadtimes increasing, blaming backlog of product, the steel and workers. stuart: the magic word, cybersecurity. name that and the stock goes up. was that? >> cybersecurity firm and stock up 10% on a day like today quarterly revenue grew 92%, a win would. stuart: if you say artificial intelligence or cybersecurity, it goes up, not bad. now this, a new op-ed from the hill reads this, michelle obama would be the democrats best chance to win 2024. interesting. martha mccallum is with us this morning, it seems to me, martha, this proves the democrats don't have much bench strikes. >> it feels a bit like grasping at straws especially since michelle obama has said time and
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time again she's not interested in running for office. in many ways she complained about living, being in the white house when she was there looking forward to it being over and they could go back to their private life so it tells you what, how do you feel if you read this editorial if you are the current vice president, kamala harris or people seem to clamber -- this editorial not only for her to run but if that doesn't work out and she doesn't want to do that to president biden, maybe the vp call a difficult combination to imagine joe biden as michelle obama given the history between these two but obviously she's a very charismatic figure, she's highly popular in the democrat party if she were interested in it, it's easy to imagine a scenario where she would give people that comfort level, hillary clinton situation with a more charismatic dynamic politician attached to it people feel they would get that back, democrats
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would be thrilled to go back to the obama environment, younger than what is currently in the white house and people always think you can go home again but usually you can't. the other thing i would say is people always look great on paper as candidates but try to imagine michelle obama actually out there, doing the hard work of campaigning, having to debate people, how would she actually be? we don't know but you can't just assume that this would be the thing that would save democrats as they are jittery with a put forward in 2024. stuart: best the democrat side. senator rubio says aiding ukraine should be a priority. governor of florida desantis says aiding ukraine is not in our vital interests, it seems republicans are split on this
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one and that's an interesting situation going into a big election. >> it sure is, i think this becomes one of the biggest issues. it's going to be a test for a lot of voters, where are you on this? i think governor desantis put his toe in the water of questioning whether or not this involvement and commitment of money and resources is the wisest way to go, he's not alone, the former president trump is in this camp even more firmly. interesting editorial today basically saying to governor desantis you need to have a very firm stand on this, you can't be a little bit and, a little bit out will receive a lot of politicians trying to live right now and that's going to be tricky territory. marco rubio came out, foreign-policy expense and said the former -- the governor excuse me, a florida does not have a lot of foreign-policy experience which i thought was interesting coming from his florida colleague.
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>> how many months is it before we get to the election 2024? we are getting details. >> the debate looking to happen in the beginning of august, that's what it looks like you have quite a few candidates on the stage, first round elimination kind of like march madness we are heading into and that's going to be where you will weed out people who decide the money isn't with them, support is it with them and they need to figure out whether or not they want it to be head-to-head desantis -- trump race but so much can happen. stuart: it's in august, it's almost upon us. wonderful stuff, thank you very much, we will watch you 3:00 p.m. the story with martha on fox news. now this. never get tired of being pushed around in your own home? i'm talking about all these new read rules we are told we must get rid of all fossil fuels to save the planet. the environmentalists think it's
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so important and they are so bright they can intrude into every aspect of your life. welcome to the administrative state where the rules are written by unelected bureaucrats. in your own home, you are being told to make big changes in the following items -- washers and dryers, gas stoves, gas and oil fired heating systems, woodfired stoves, toilets and how much water they used to flush, light bulbs but it's going much further than that. you are already pushed into an electric car, i'm being pushed into using an electric chainsaw for heaven psaki and in a couple of years, you will be forced to endure a home energy audit. yes, government inspector will show up and demand entry to check your energy use. you think they would just recommend changes?
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no, they will tell you what you will be forced to do. you will be forced to accept the united nations carbon emission cuts for their targets will not be reached. china will see to that. you are being pushed around by unelected bureaucrats following the dictator aoc and their green new deal. and from biden who wants to be a very green president. i object to being pushed around for the psaki of gains on karmic emissions. maybe someday we will get the chance to vote on that but wait, you ain't seen nothing that. it's all coming down the pike right at you. next case, the man behind the failed fire festival out of jail hitting electric circuit, you won't believe how much the convicted fraudster is charging for his speech on business insights. open a i, new and improved checkbox to the test, the gpt took the bar and sat. we will tell you how it did. school staff in the state of this could soon walk off the j
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job. the country's second largest school district telling parents to prepare for possible three day strike. that will leave hundreds of thousands of kids stuck at home not learning. former education secretary bill bennett takes it on next. ♪
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still into lock mode, about industrial down, 462 points. we been down 600. this started with european banks, put them on the screen, they are way down. credit suisse was down over 20% this morning, that set off downside move in the big
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european banks, you've got contagion and banking crisis over there right now. over here, look at the regional banks. some of them have come back nicely, coming back yesterday, the come back a bit further today. first republic -- okay, it's down 17% at this stage but western alliance, there's a bounce back up 10%. our big american banks, they are under pressure this morning. a letter went out from larry fink saying we will have inflation for years to come, didn't go down well. he's talking about liquidity crunch, that hurt big banks so big banks selloff continues here in the united states. change the subject. lastly college, all women's school is only admitted females for the past 150 years, students decided to change that. they voted in a referendum to accept non- binary and trans prospective students. are things going to change x.
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>> no, students voted but is nonbinding, least not yet it doesn't impact will policy. students voted to allow transgender men meaning female at birth but transitioning to mail and also non- binary students to apply, they want them to apply to the school. then they want the school to stop saying women using she and her in their communications. say students, say they, their, you with me? stuart: so far. >> i would call it traditionally an all girls school but it's a more modern one so if you were born male but identify and transitioned to female, you can go as it stands now to wellesley
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but the students want to change it so you can identify it as anything and go. stuart: will be called an all female, all women, all girls school? can't do that. >> i have no idea, the students are mad in the president of the school for the policy, they say what you're doing is trans public. stuart: the world turned upside down. >> i guess they shouldn't have in all female school anymore. stuart: i guess not. i'm lost. we are all lost. >> i don't know how you navigate this. stuart: okay, move on. >> you did a great job. >> let me know if i'm missing something. >> you to understand the significance of the story? the world is turning upside down. another one for you. a new version of chat gpt is out, what capable of? >> gpt four and scored 90 on the bar, 92% on the sat reading, 89% on sat math. open a i says trained better, we use microsoft but far from perfect. the use the word hallucinations meaning gpt for, makes stuff up
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sometimes. >> so is on par with politicians. [laughter] stuart: thank you for that attention. mark, do you invest in artificial intelligence? >> yes. we own and continue to buy nvidia. i feel from a software standpoint, it's tough to figure out who's going to be the winner software wise when it comes to artificial intelligence we know nvidia chips are really best when it comes to not just ai but also autonomous driving, gaming, all the biggest highest growth marks. stuart: nvidia has gone straight up. >> very good stock. stuart: thank you, mark, stay there. students protesting the dean at stanford law school, upset she apologized to a federal judge, his speech was disrupted by students when he tried to give the speech last week i think last month, they say their counter speech is free speech. got that? former education secretary bill
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bennett joins me. what happened at stanford was outrageous, why are universities standing up for free speech? >> the world is upside down, that's why. the institutions which are dedicated to free speech are not protecting them. by the way, whether be admitted to wellesley next. stuart: sarcasm is a wit but effective sometimes. go ahead. >> let me tell you about stanford law students, people are saying they protested the judge and he said let me speak in my opinion, dean for equity came up and said you're doing harm to these students so it was over. people are saying when the students get out, they will meet the real world and it will be hard. maybe not because the real world is being reshaped as you know and a lot of where they are going will be woke. this contagion and universities
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not talking about the banks here has not restricted itself to universities, it's spread to the broader world, the corporate world. certainly spread to that bank in san jose. stuart: teachers and school staff in los angeles, they may be announcing three day strike today, it would shut down schools, hundreds of thousands of kids being out of school and no remote learning either. what do you do l.a. school system failing so badly? >> you can take over the system but in california gavin newsom taking over, if he does, with he make it better? it's a shame. they are asking huge increase the teachers. there's a ton of money out there thanks to joe biden but they are asking for extensions of raises through the next three to five
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years and the biden money is going to be gone once it's spent this year so their demands are unrealistic. this will not make parents happy, it's going to remind them of public days when they had to choose between work and taking care of their kids. the l.a. district is pretty much a failing district anyway, california is not doing well in education. stuart: the only way around this is to vote on school boards, boat and legal elections, the vote is. >> correct and school choice, the opportunity to have the money dedicated to each student be in the child's backpack and he or she can take it wherever they want. our my pronouns correct? i'm not sure but i meant little boys or little girls can take it to the school. stuart: you are on dangerous
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ground. voters in oklahoma rejected legalization of recreational marijuana. you are a former trump star, is this the start of pushback against recreational weed was it just gone too far? >> i think so, i think it is a pushback. he said last time i was on, you changed your mind about legalizing marijuana. a lot of the country has, two. efforts to legalize throughout the state failed in arkansas, north dakota, south dakota and now oklahoma but oklahoma had such a large wide opening medical marijuana situation where so many people were getting authorization giving out marijuana, it may be too late. by the way when people talk about functional, and we should, it's a deadly drug and kills people, you've got to remember where most drug addiction drug use starts and it's with
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marijuana. more young people are in counseling for marijuana and all drugs combined. let's keep that in mind, it's a gateway drug, it is the way people get into drugs. stuart: got to leave it there, bill bennett, appreciate it. religious school in vermont banned from all sports tournaments in that state all because there girls basketball team refused to play on a game against a transgender student. we are on it. ohio suing norfolk southern, a train derailment in east palestine, attorney general of ohio is leading the charge. he joins me next. ♪
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all right, market share, dow industrial down 500 points. the s&p 500 down 55, that's 1.4%, big drop. nasdaq down exactly 1%.
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we are in a day the financial landscape shifted all over again and as it shifts, so does the betting on the federal reserve. how can they raise rates in a crisis like this? how can they not raise rates when inflation is still with us? we are going back to the questions asked during the last financial crisis, should we bail out any bank with taxpayer money? wildly unpopular. it comes to it, how do you stop it without a bailout? do you just let all tumble and sort it out later? is an economic question, bailout or bust? a political question, too, would biden risk the backlash from a bailout? mark temper is with me. should -- if it's necessary, if we get into a real crisis, do you think we should do a bailout on the scale and size of the one in 2008? >> that is the big question and it's tough to answer when we are not in that situation and not
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staring us in the face and our money is not on the line but i would say as of now my take is no, we should not do that. capitalism works incredibly well when you have winners and losers and we can't continue to reward companies or individuals who take risk where risk doesn't work out for them. you are poorly managing risk, unfortunately it's like charles darwin, natural selection. the strong survive, week died. stuart: would you be prepared to accept a crash and we didn't bailout? >> why are you throwing tough questions my way this morning? stuart: because you are on the set, that's why. >> i don't think i would tolerate a big crash but i think at the end of the day is how you clear out accesses in the system, it's not going to feel good, it's going to be credibly painful if this happens but we have a lot of excess, a lot of excess. companies is poorly managed
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silicon valley think continuing to make money hand over and it's not supposed to happen in a capitalist society. stuart: a tough situation. you have some socks you like. start off with capital one. >> i don't like it, capital one, it down -- down about four and half% today so it's a great read on the lower income consumer and what it's telling us is the link with the end charge-off rates every single month continue to go higher and higher and higher so what that's telling us, and less concerned about capital one as a stock, i'm more concerned about the consumer continuing around the edges so that's why i'm watching. stuart: duke energy. >> we've been talking about buying treasuries for a few months, if that wasn't boring enough, i got one even better by utilities. right now all of a sudden the four +% yield on a company like energy is looking more attractive when you look at what
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happened to treasury yields over the course of the last week. stuart: and pays you for percent at duke energy roughly. i'll take it. thank you very much. ohio suing norfolk southern for the derailment disaster in east palestine, ohio's attorney general's david yost and he joins me now. why did -- what did norfolk southern do wrong? >> we don't know all the details and that's why we have a lawsuit but certainly what they did was released a whole ton of chemicals into our environment, disrupted our economy and citizens lives and there is some suggestion of negligence and recklessness in the record. stuart: what do you want out of it, a lot of money or a new way of running railroads? >> this isn't money that's going to go to the state of ohio, this is money that's designed to address the wrongs to the
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environment, the economy, the value of people's houses. who would bite the house in east palestine today? to look at the long-term health effects as well, i think this is about long-term and making sure norfolk southern who's been contrite and interested in trying to help the community make sure they live up to their promises. stuart: what you are talking about is making good on a variety of problems which surely will cost a great deal of money, do you run the risk of bankruptcy and norfolk southern? >> i think it's too early to talk about those kinds of calculations. certainly it's a healthy company with a healthy balance sheet and they have indicated every interest at several conversations with them and they are coming forward with ideas on how to address the longer-term
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problems. stuart: president biden never visited east palace scene after the derailment, is it possibly because east palace scene is trump country? >> you would have to ask the president, i'm not a fan and don't speak for him but you bring up the federal government, there's a lot of talk about reform of railroads and i don't down that there is improvements in the system that could be and should be had but let's remember railroads mute move a huge amount of freight safely and cheaply, it's an integral part of the supply chain and the functioning of our economy, we need to do the right things, not just some things to be seen doing something. stuart: david yost, attorney general of ohio, thank you for joining us this morning. much appreciated.
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now this, something different, the man behind the disastrous fire festival getting paid thousands to share his insights into what he calls business insights. the music festival was failed the bahamas, people were stranded there and lost their money. who would want advice from this guy? >> may be on what not to do, mcfarland led guilty to defrauding investors out of $24 million from the bahamas music festival that was anything but back in 2017. he got a six year sentence released early and he's being paid $19000 to speak to german entrepreneurs in germany. poor planning was behind the fire festival, poor cost management, he lied to investors and live to 5000 people who went there and bought tickets and served his time and trying to do it again, he has a new business called pirate which is working on a similar festival. 40% of the money the $19000 he's getting paid to speak will go to the victims, put that out there
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but it seems like you didn't learn his lessons. stuart: maybe he's just speaking on what not to do. >> that's why i said maybe and what not to do. get it right the second time. stuart: being in the office is paying off, mark zuckerberg said engineers who joined the company in person before those who started remotely and holds true for younger workers. we got a report on that. next, mitch roschelle, frequent guest on the program, he had money in a bank bought by spp. he can't get his money back. mitch has the story after this. ♪
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time now for this day in history, american built. on this day march 15, 1922, the first radio station in the south went on the air. w svb from the slogan the voice of the south. that was the slogan. don't forget to watch american built on mondays 9:00 p.m. eastern only on foxbusiness crime. got to get back to the markets. i still see the dow with the loss at 500 points as we speak. the nasdaq coming back a little bit, only down 90 points there. look at the european banks. this bank problem today started in europe but i noticed credit suisse was down nearly 30% is now down 19%. take that for what it's worth regional banks, same story, sharply lower but some agnostic to move higher.
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customers a look at western alliance, big loser recently coming back a little bit this morning. four big american banks, same story, they've been down all morning but some are coming back a little bit, not much. jp morgan down 4%, morgan 5%, golden 4%. citigroup 5% -- okay. no mitigation of the downside move in big american banks, let's get that straight. crisis continues for big american banks. mitch roschelle is with us this morning, different subject today. mitch, you have money in a bank bought out by svb. as i understand it, you still can't get your money, what's the problem? take us to it. >> this morning the last wire transfer went out so a little breaking news there so the back story is this real estate investment i was in, a private bank, the safest bank you can be
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with, they required july of 21 by silicon valley bank and they stayed with them just because they were dealing with the people they been dealing with for years, an asset was sold and proceeds came through beginning of last week. wednesday and thursday wire transfers when out without a hitch to investors. the final money about half of what was remaining, said to be wired out on friday and when the wire didn't go through, representative from the bank sent a press release saying nothing else. then on monday when we thought everything was clear to go, money started to drip out and we got an e-mail from the person from formally boston private bank now at the time, silicon valley bank person who said don't forget, i'm reading it, one 100% is in short right now, we are the safest institution right now so it's possible they were dragging their feet to not
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pull wires out and try to convince people to leave their money in the bank but we wouldn't hear any of it. couldn't get out fast enough. stuart: i welcome this because you are an example of the ripple effects that keep coming on, that's why so many people are worried about their money. you are an example of that but i want to change the subject because we got home builder sentiment that went up for the third straight month reported about an hour and a half ago. what's the state of play in the housing market? any improvement? >> first of all, i think we will see interest rate coming down a little bit with everything that happened in the bond market so a bit of fresh air, i just don't know how long-lived it will be but i've talked about this a couple of years, supply and demand problem and right now homebuilders are realizing there
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is still scant supply and should start building into that and many of the material costs have come down like lumber and so forth, labor still high but what i will say to the homebuilders other, you've got to find better, faster and cheaper way to build homes because they are still doing the conventional way which takes too long and is too expensive. i'm involved in two cutting edge companies, one florida and one california and we found a way to reengineer the billing process to deliver quicker and cheaper better quality and the problem is homebuilders as an institution are stuck in their own ways nails and screws and taking too long and they got to modernize. stuart: the permitting process and maybe would have real positive moves there. mitch roschelle, thanks for being with us. >> that's florida by the way.
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stuart: the dow 30, a sense of the market that will look pretty ugly. most of the dow 30 are firmly in the red. i do see seven winners, that's it. dow still done for 60 points. my next guest became an independent after spending 33 years as a registered democrat. she won't support a party that won't stick up for free speech. that's next. ♪
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stokes a lot of time in the market, down by 50 now on the dow industrials. european banks, that's where contagion started. they are coming back a little bit, down much more than this earlier. regional banks coming back a little bit, some of them at least, not all but some are coming back but big banks, big american banks are all still down four or 5%. look at meta, down this morning, meta is up, up nearly 1%. mark zuckerberg in his case for employees to be back in the
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office. data proves engineers who joined the company in person perform better than those who joined remotely. tepper, zuckerberg said build relationships. >> i'm surprised he's admitting this because it means you can pick a fork in the metaphors and i don't know, a year or two years ago when mark zuckerberg pushed the chips in and changed facebook to meta- so it's a little alarming but i can tell you from personal experience when covid hit, i had one 100% confidence when we went to remote within my company my high performers who'd been with me three, five plus years they will perform anywhere, they will do what they need to but i was concerned about the younger employees, the ones who'd been there a year who didn't quite understand the company culture processes and things like that and i hope that's all he's
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referring to. stuart: okay. i will change the subject, we do that a lot in this program, my next guest has been a democrat for 33 years, she ran for congressional seat as a democrat, that changed this week. you're no longer a democrat, your independent. this just happened? >> on sunday, you can do it online, you can register, change your registration. stuart: why did you change your registration? >> because of what happened last week when i walked the house subcommittee hearing on the weaponization of government which was to take testimony from two reporters broke a lot of information about government and big tech censorship on the twitter files and so to reporters gave detailed reporting that was undisputed, nobody said they got the story wrong but they were relentlessly attacked by the democrats, the leaders in my party who were shooting the messenger, they didn't want to hear about censorship what they did want to hear about what was going on with the collaboration between our government and social media platforms and instead they
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ignored the first amendment violations going on and censorship is too important to ignore. stuart: another, a christian high school in vermont forfeited the girls state basketball players because their opponents feel the transgender student. the christian school has been barred from future tours, they wouldn't play against a team with a transgender person. >> it's the right thing to do and shouldn't fall solely on the shoulders of young female athletes, professional athletes should be -- female professional athletes should be standing up for the right of girls and women to have single-sex sports as well because without it, girls and women's source will become obsolete, men will be competing in every level of support and that teach girls. my daughter is a young soccer player and athlete and she plays on a girls team and that's what it should be. stuart: was a democrat, now an
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independent as of sunday. thank you for joining us. >> thank you for having me. stuart: now the wednesday trivia question, how many people march in the new york city st. patrick's day parade? surely depends on the year end whether, doesn't it? your choices 50, 100, 150 or 200,000? the tentative answer after thisi ♪ . .
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unexpected out-of-pocket costs. which for those on medicare, or soon to be, is a good reason to take charge of your health care. so consider this. an aarp medicare supplement insurance plan from unitedhealthcare. why? because medicare alone doesn't pay for everything. and what it doesn't pay for, like deductibles and copays, could really add up. even thousands of dollars a year. medicare supplement plans help by paying some of what medicare doesn't... and making your out-of-pocket costs a lot more predictable. call unitedhealthcare today and ask for your free decision guide. learn more about plan options and rates to fit your needs. now if you like this... greater freedom... you'll love that medicare supplement plans have no networks and no referrals needed... see any doctor. any specialist. anywhere in the u.s.
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as long as they accept medicare patients. these types of plans also give you more flexibility when traveling in the u.s. your plan goes with you... anywhere you go in the country. even better, these are the only plans of their kind endorsed by aarp. call unitedhealthcare today for your free decision guide. so if you have this and want less out-of-pocket costs... and more peace of mind... consider adding this. an aarp medicare supplement plan. take charge of your health care today. just use this...or this to call unitedhealthcare about an aarp medicare supplement plan. ♪. stuart: look at this.
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there is riot progress in paris. moments ago violence broke out between police and protesters. it is getting ugly. you will see a lot more about this later. the protesters object to the french government trying to raise retirement age from 62 to 64. they don't like it. there is the riot. how many people marched in the new york city st. patrick's day parade. there is the choices on screen. guess, lauren. >> 50. stuart: tepper. >> 150,000. stuart: depends on the day and weather. reveal please, the answer is 150,000. the first parade, march 17th, 1762, four years before the declaration of independence. i don't think they got 150,000 back then. time's up for me. "coast to coast" is next. neil: so you don't like this stock selloff.


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